Some time ago, an intrepid, benign reporter posted documents revealing historic rate data from the west coast. One document showed that in 1995, on PI cases, the rate was $2.81 per page. Also revealed from 1995, $3.60. In 1998, a document showed $3.55. Almost a decade later, 2005, $3.55 a page. 2006, $3.65 a page. 2018, $3.80. Why is it important for us to learn about and publish historic rate data? Education. Every reporter is probably aware that it is now the tail end of 2019. Though I don’t have a fancy document to show it off, I can tell everyone that there are freelance reporters working for less than those 1995 rates today.
Why is this important? Inflation. Every year, the government prints more money and it enters circulation. Higher supply of money means lower value of every dollar that exists. Buying power decreases. You’ve seen this in action. Maybe your groceries seem a little bit more expensive as the years pass. Maybe a membership fee has increased. Prices can be impacted by all sorts of things. One factor is inflation.
As a matter of fact, if you use the Bureau of Labor Statistics inflation calculator, it shows that that $2.81 PI page in 1995 had the buying power of 2019’s $4.69. What does this mean? Someone making $2.81 a page in 1995 was making the 2019 buying power of $4.69 a page. To have the same buying power and no raise, a 1995 reporter making $2.81 a page needs to be making $4.69 a page in 2019. As someone that was convinced to take my first jobs at $2.80 a page in 2010, I feel there is a great deal of value in investigating rates geographically and over time. If we do not mobilize and keep each other informed, we will continue to churn out students who know no better and accept deals that are largely skewed against them.
I am happy to take and report more historic rate data. If you choose to send me documents, anecdotal or memory-based rate data, or anything helpful in that regard, please take the time to tell me the location, rate, type of job or upcharge, and perhaps input on whether such rates are high, average, or low for your market.